Vancouver, Washington-based Northwest Pipe Company has announced that in the second quarter this year it reported a net profit of $3.2 million, decreasing 42.6 percent year on year. The company's sales revenues in the given quarter increased by 16 percent to $102 million, compared to the same quarter of the previous year.
In the second quarter, Northwest Pipe sold 40,900 mt of tubular products, increasing by 37.2 percent compared to the second quarter of 2013.
Northwest Pipe's financial performance is expected to improve in the third quarter with the higher levels of production in the Water Transmission segment. "We have recently completed the modernization project at our Atchison facility and are seeing improving volumes and enhanced product mix, but high levels of imports continue to have a negative impact on the line pipe market. In the near term, we expect margins in the low single digits for the Tubular Products segment," said Scott Montross, president and chief executive officer of Northwest Pipe.